S&P Global cuts 2023/24 EU sugar output forecast as pesticide ban bites

Wednesday, March 15, 2023
S&P Global Commodity Insights has cut its 2022/23 forecast for sugar output in the European Union plus United Kingdom by 570,000 tonnes to 16.8 million, citing the impact of a recent pesticide ban. The outlook still represents growth of 1 million tonnes versus the 2022/23 sugar crop. S&P Global said in an industry note seen by Reuters it now expects the sugar beet planted area in leading EU producer France to shrink by 7% in 2023/24. Overall though, it sees the beet planted area in the EU plus UK rising 1%, though this forecast has also been lowered following the ban.
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